Ashtead Group (OTCMKTS:ASHTY) Shares Up 0% After Dividend Announcement

Key Points

• Ashtead Group announced a new dividend of $2.81 per share, up from the previous $1.44, with a payout slated for September 25th, reflecting a significant dividend yield of 155.0%.
• The stock experienced a 0% change in price during trading, with shares last trading at $267.35 after a high of $268.72 and a notable drop in trading volume.
• After the announcement, Royal Bank Of Canada downgraded Ashtead Group from a "moderate buy" to a "hold" rating, indicating a shift in analyst outlook.

Ashtead Group PLC (OTCMKTS:ASHTY - Get Free Report)'s stock price traded up 0% during mid-day trading on Monday following a dividend announcement from the company. The company traded as high as $268.72 and last traded at $267.35. Approximately 17,134 shares were traded during mid-day trading, a decline of 68% from the average session volume of 52,897 shares. The stock had previously closed at $267.32.

The newly announced dividend which will be paid on Thursday, September 25th. Stockholders of record on Monday, August 11th will be issued a $2.81 dividend. This represents a dividend yield of 155.0%. This is a boost from Ashtead Group's previous dividend of $1.44. The ex-dividend date is Friday, August 8th. Ashtead Group's dividend payout ratio is currently 20.10%.

Wall Street Analysts Forecast Growth

Separately, Royal Bank Of Canada downgraded shares of Ashtead Group from a "moderate buy" rating to a "hold" rating in a report on Tuesday, April 29th.

Ashtead Group Price Performance

The stock has a market cap of $29.28 billion, a P/E ratio of 19.87 and a beta of 1.71. The company's 50 day moving average price is $254.70 and its 200-day moving average price is $241.97. The company has a quick ratio of 1.20, a current ratio of 1.29 and a debt-to-equity ratio of 0.98.

Ashtead Group Company Profile

Ashtead Group plc, together with its subsidiaries, engages in the construction, industrial, and general equipment rental business in the United States, the United Kingdom, and Canada. It provides pumps, power generation, heating, cooling, scaffolding, traffic management, temporary flooring, trench shoring, and lifting services.